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Huf bank account

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amit agarwal

banker

25 Points Posted on 24 November 2012

Hi,

I have two separate questions in regard to HUF.

Firstly - I want to open a Bank account of my HUF. Can someone please guide me whether it has to be a Savings or Current account. Or is it at a customer's discreation - My transactions in HUF a/c is limited in a FY.

Secondly - I had a Bank account with a MNC bank where Karta and coparceners of the HUF were signing authorities. Now when i want to open a account with SBI its saying it can be only operated by Karta of the HUF and he will be the only signing authorities. I want Karta and all coparceners of the HUF to be able to sign.

Please share if you have any RBI circulars for the same.

Regards

Amit

Replies (1)

Sivaguru SM

Tax Consultant

229 Points Posted on 24 November 2012

my clients having HUF bank accounts and they are operating savings bank & current account as per their requirement and bankers provided them facility to sign all the coparceners where they taken signatures from all the coparceners at the time of opening the account and also operating the account